The news comes just a month after South Korean president Moon Jae-In announced several stimulus policies to boost the national birth rate.
South Korea has recorded more deaths than births last year, sparking concerns over the nation’s demographics.
The news comes as the country has the world’s lowest birth rate, data from the World Bank revealed.
Roughly 275,800 children were born in 2020, down 10 percent from the previous year. 307,764 deaths were reported in the same period, prompting Seoul’s interior minister to urge “fundamental changes” in the government’s policies.
According to the BBC, a declining population can severely impact a countries as public spending on healthcare and pensions skyrocket as well as reduces available workforce in the future.
The government scheme would offer 2m won (£1,350) for each child for expenses along with a monthly stipend of 300,000 won (£202.77) up to the child’s first birthday.
The BBC report added that South Korean women struggle to strike a balance between work and domestic life, as well as skyrocketing housing prices.
‘Do It For Denmark’ Campaign Declared A Success
The news comes years after Danish travel agency Spies Rejser launched a similar campaign in 2016 aimed at increasing birth rates in Denmark as well as book more holidays.
The cheeky “Do it for Denmark” campaign was found to be a success, global media reported.
Sourse: sputniknews.com
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